Firm: SoCal median home price ticks up in July

LOS ANGELES 
The median home price in Southern California increased about 1 percent in July from June, marking a third consecutive month-to-month gain, a tracking firm said Tuesday.

The price increase came as sales in pricier coastal areas continued to rise and sales of lower-cost foreclosures waned, San Diego-based MDA DataQuick said.

DataQuick President John Walsh said the increases continue to hint that prices may have hit bottom, but he cautioned that future job losses and foreclosures could still put a drag on the market.

"The recent drop in foreclosure resales, coupled with the rise in high-end sales, has helped stabilize some of the regional home price measures," he said. "But there's still quite a bit of distress out there and plenty of unknowns with regard to how lenders and borrowers will choose to proceed."

Last month's median home price of $268,000 in a six-county region of Southern California was 23 percent lower than the July 2008 median price of $348,000.

DataQuick also said the number of home sales increased nearly 19 percent from a year ago to 24,104. July's increase made for 13 consecutive months of year-on-year gains.

Foreclosures – mostly in distressed, inland areas – accounted for about 43 percent of the July sales, the lowest level since June 2008.

Sales in higher-end coastal neighborhoods, however, have rebounded from months of record lows, as credit became increasingly available for more expensive homes, DataQuick said.

Sales of single-family homes with prices of at least $500,000 rose to more than 20 percent of all homes sold in July, compared with a low for this year of 15 percent in March. More than 27 percent of sales in July 2008 were for more than $500,000.